*** F8 June 2013 Exam was.. Post your comments ***

<cite> @vipulv said:</cite>
So it was Adverse in question 5? AEIOU is correct!!!

I didn’t think it was pervasive, so for that reason I said it was qualified, execept for… However, I made that decision on a hunch, I think if you made a case for it being pervasive, then I’m sure you could get credit for saying it was should get an adverse opinion.

On the same question, I concluded that both scenarios were material, having worked out the benchmark figures for both. Was I correct?

Yes thats right first was modified with qualified opionion amendments reqd . Second one needed a disclosure.. if no disclosure vy management then qualified opinion with except for report as it was material not pervasive. Thts what I did….

<cite> @nupurkum said:</cite>
Yes thats right first was modified with qualified opionion amendments reqd . Second one needed a disclosure.. if no disclosure vy management then qualified opinion with except for report as it was material not pervasive. Thts what I did….

yeah u r right it was material but not pervasive…..

First one was also except for matter para .. sorry didnt include tht in my answer above.

what are the procedures to verify cash and bank balances???

To agree opn n clsing bal. To agree pre yr end unpresented cheque n unlodged cheque to post yr .. to confirm with bank. To cgeck huge variances with prior yr n budgets ..

I missed 10 marks time pressure… I know its my fault. Does this mean I have low chance of passing now Even though I knew everything else!

<cite> @vipulv said:</cite>
I missed 10 marks time pressure… I know its my fault. Does this mean I have low chance of passing now Even though I knew everything else!

Sorry to hear that. But if you answered everything else, and you think you did ok on the other questions, then you stand a very good chance of passing. You only need 50% after all.

Has anyone passed any exams not finishing the paper like missing 10-15 marks. This is what I worried about! 🙁 I got f9 now tomorrow

F8 INT variant was indeed a good paper…kind of similar ques from revision kit…. ques 5 i wrote it as qualified opinion…i was runninggg out of time 🙁 will i lose all the marks?????

n for ques1 part c…. wt r the application controls.. i just wrote some crap…im sure thts the not the answer…. can anyone tel me wt thts the answer…

Can anyone remember the questions pls?

1. a. Going concern?
b. 4 deficiencies, implications & recommendation for 14m
c. Application controls 4m

2. a. ASSIF 5m
b. fraud 3m
c.emphasis of matter 2m

3. a. Materiality&performance materiality 5m
b. 5 risks&responses 10m
c. ?

4. a.ratios 5m
b.?
c. internal audit 5m

5. a.CREST 5m
b. events after ye 12m
c. Impact on report 3m

<cite> @valiaty said:</cite>
May I am wrong then but either it is adverse or qualified it is going to earn only one mark !
1 more mark for reffering the basis of the opinion paragraph before the opinion paragraph and the other one I think to exlain that it is due to material mistatements and that the opinion Not give a T+F view (if adverse) or except for (if qualified)

It is based on materiality really…..we cannot really say as we do not know what percentages the entity has used to base its materiality….all companies are different based on the level of risk…..I gave different options….I said the results if it was immaterial, the results if it was material but not pervasive and the results if it was both material and pervasive

Hi everyone,
How did you answer the question about the corporate governance???

Many thanks:)